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Senior Financial Analyst
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Edward Kim
Managing Director
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Associate Director
+1 949 622 9267 jie.lee@berkadia.com
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Buchanan Crossings is specifically designated by the city of Antioch as one of 10 priority redevelopment locations with its recent rezoning to Commercial Infill Housing (CIH) – a classification being selectively utilized to transform high-potential sites into much-needed rental housing.
The Site’s CIH designation allows for construction of a 100% market-rate residential project subject to by-right development standards including a maximum density of 35 units per developable acre (50 units per acre with a CUP), a 45-foot height limit, and no retail requirement.
Buchanan Crossings is an expansive 6.22-acre site with flat topography offering substantial design optionality and is strategically located within a Qualified Opportunity Zone.
±193 Garden-Style Units in Qualified Opportunity Zone
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Antioch has established objective multifamily design standards within the CIH overlay district in order to meet their sizable regional housing need allocation (RHNA) of over 3,000 units by 2031 and provide a streamlined approval process as mandated by Senate Bill 35.
Applications that comply with these explicit design standards are not subject to discretionary review and only require ministerial review, removing another hurdle from the entitlement process and shortening the timeline from application to approval.
Streamlined Path To Approval
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The average Antioch apartment community is 45 years old and only one market-rate community has delivered since 2005, making Buchanan Crossings an exceptional opportunity to add up to 276 units of crucial housing supply to a dramatically under-served submarket.
There are no multifamily communities under construction and only one project is planned despite Antioch’s significant supply and demand imbalance, allowing Buchanan Crossings to make up a considerable portion of the city’s new housing product while benefitting from minimal competition.
Limited Supply & Minima Development Pipeline
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As a vital piece of the region’s rental housing inventory, Yardi projects Antioch rents will grow 18% through 2028 while maintaining 95% occupancy.
Average household incomes in Antioch are forecasted to increase ±20% to over $130K in the next five years as the Bay Area’s demographic trends continue to benefit suburban East Bay locations.
Situated ±10 minutes from the Pittsburg/Bay Point BART Station and within a mile of Highway 4, Buchanan Crossings offers convenient access to the region’s top employment centers and a compelling housing value proposition relative to Walnut Creek, Concord, and the Tri Valley, where new construction commands a ±35% per square foot premium to new construction in Antioch.
Essential SF Bay Area Housing Market
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INVESTMENT Highlights
Berkadia is pleased to exclusively present the opportunity to acquire Buchanan Crossings Residential Parcels (“Buchanan Crossings”, the “Site”, or the “Property”) a 6.22-acre garden-style multifamily development site located in an essential San Francisco Bay Area housing market. Distinctively identified as one of Antioch’s 10 preferred Commercial Infill Housing sites, the Property’s beneficial re-zoning provides a streamlined and development-friendly approval process – allowing for 100% market-rate construction and the development of up to 193 units by right and 276 units with a Conditional Use Permit. Buchanan Crossings provides the opportunity for a developer to deliver vital housing to an under-supplied Bay Area submarket while benefitting from over 3.50% annual rent growth projected through 2028 and potential Opportunity Zone tax savings.
EXECUTIVE SUMMARY
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CORTE MADERA, CA
BUCHANAN CROSSINGS
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